Baxter International Inc. (NYSE: BAX) surged 10.21% in pre-market trading on Thursday, as investors reacted to a stellar second-quarter earnings report that significantly exceeded analyst expectations.

The healthcare company reported adjusted earnings per share of $0.54, crushing the consensus estimate of $0.37 by 45.95%. Quarterly revenue came in at $2.96 billion, also well above the $2.795 billion Wall Street forecast. The strong performance marks a sharp turnaround from a disappointing fourth-quarter report earlier this year.

Adding to the positive momentum, Baxter raised its full-year outlook for both sales and earnings. The company now expects adjusted EPS from continuing operations in the range of $1.95 to $2.15, compared to the analyst consensus of $1.91, and reported sales growth of 3% to 4% for the full year. Several investment banks had already raised their price targets ahead of the release, signaling growing confidence in the company's strategic initiatives.